Industry Deals

Secured Lender, The, Mar/Apr 2006

ATA Holdings filed with the U.S. Bankruptcy Court a motion to approve an agreement in principle with private equity fund MatlinPatterson Global Opportunities Partners for debtor-in-possession financing for $30 million.

Atlas Partners, LLC has completed lease renegotiation work for Souper Salad, Inc., a San Antonio, TX-based soup and salad restaurant bar salad chain, in order to facilitate its exit from Chapter 11.

Bank of America provided a $210 million senior secured credit facility to Alpharma and, with UBS Loan Finance, UBS securities and Banc of America Securities, provided a $450 million credit facility to Knoll. BofA and Silver Point Finance have committed to providing $320 million debtor-in-possession financing for Foamex International. BofA led a group of lenders in $115 million debtor-in-possession revolving credit facility for Heating oil Partners. BofA provided a $100 million senior secured revolving credit facility with Wachovia Capital Finance as a co-lead arranger to Amkor Technology. BofA also provided a $95 million revolving credit facility to Marsh Supermarkets.

Bank of America Business Capital provided the following deals: a $35 million asset-based loan to Lion Copolymer, LLC; a $650 million assetbased loan to Gerdau Ameristeel Corporation; a $20 million asset-based loan to finance a portion of the acquisition of the assets of BBi Enterprises Group, LP; arranged a $100 million revolving credit facility for Amkor Technology, Inc., a leading subcontractor of semiconductor packaging and test services; a $24 million revolver to Federal Financial Services; a euro200 million asset-based revolver to Dublin, Ireland-based Waterford Wedgwood plc, with Banc of America Securities providing a $60 million senior tranche B facility, in a separate facility; provided a $20 million asset-based loan to Quality Financial, Inc., (dba Quality Acceptance); a $45 million working capital line of credit for Mercury Air Group and a $23 million credit facility to sock manufacturer Charleston Hosiery, Inc.

Banc of America Securities arranged a $200 million senior revolving credit facility for CNL Hotels & Resorts. BofA served as administrative agent. Banc of America Securities and Morgan Stanley Senior Funding arranged a credit facility for Walter Industries' acquisition of Mueller Water Products. Banc of America Securities provided $225 million senior secured credit facility for First Advantage Corporation.

Banc of America Securities Limited and The Royal Bank of Scotland, as well as 14 other financial institutions, provided a $300 million, five-year revolving credit facility to Willis Group Holdings. Banc of America Securities arranged a $200 million senior revolving credit facility for CNL Hotels & Resorts. BofA served as administrative agent.

Bank of Nova Scotia has committed to providing Pre-Paid Legal Services with $160 million in senior secured financing, consisting of a $150 million term loan facility and a $10 million revolving credit facility.

Bay View Funding has provided the following deals in the Great Lakes Region: a $250,000 accounts receivable funding facility for a start-up trucking company in Western Pennsylvania; a $500,000 accounts receivable funding facility for an importer/distributor of olive oil in Southern Ohio; a $ 100,000 accounts receivable facility for a plastics manufacturer for injection molding in Northeast Ohio; a $750,000 accounts receivable facility for a specialty auto castings manufacturer in Eastern Michigan; a $250,000 accounts receivable facility for an engineering design and consulting company in Indiana and a $750,000 accounts receivable facility for an educational staffing and consulting company in Northeast Ohio.

Bayview Financial provided a $35 million warehouse facility to NewStar Financial.

Black Diamond Commercial Finance led a $31 million debtor-in-possession loan for American Remanufacturers.

BNP Paribas provided a $400 million, one-year, senior secured revolving credit facility for Eagle Energy Partners I, L.P.; closed syndication of the $475 million senior secured credit facility for Rosetta Resources and amended $ 175 million in financing for The GEO Group.

Boston Financial & Equity Corporation has closed two equipment lease transactions. BFEC has signed a lease for $200,000 of hardware for a company that provides payroll processing services in the Northeast. Although the company has had losses the past four quarters, it is cash-flow positive. The company was recently bought out and recapitalized with $50 million by an outside investor group. BFEC has also signed a contract for $200,000 for a company on the West Coast that provides third-party auditing services of Internet Audience Data, much like a Nielsen does for television. The company has our months of cash and is close to cash flow breakeven; however, it continues to lose money. BFEC also closed a $200,000 equipment lease transaction with a payroll processing company. The company located in the Northeast has had accumulated losses over a two-year period. Its investor group has recently funded it with $50 million.